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Wednesday, 11 January 2017

India inflation seen cooling in Dec as cash crunch hit demand

Inflation in India is expected to have cooled to a two-year low in December as the government's surprise currency crackdown rattled the economy and severely hurt consumption. Retail inflation likely eased to 3.57 percent from a year earlier, from 3.63 percent in November. That would be the lowest since November 2014, and well below the Reserve Bank of India's near-term target of 5 percent by March 2017.

Prime Minister Narendra Modi's decision on Nov. 8 to outlaw high-value bank notes, aimed at curbing corruption and tax evasion, has forced the nation's 1.2 billion people to scramble to exchange old notes for new and left many companies' cash-reliant supply chains in tatters.